As most of you probably know by now the US Supreme court ruled that Obamacare was constitutional as a TAX!
Now as some of may recall, the administration portrayed this entire program as something that could and should be regulated under the commerce clause of the constitution, but it clearly, was not, definitely was not a TAX.
Well the White house solicitor argued to the Chief justices that it was a tax and the Supreme Court ruled that as a tax it was totally acceptable.
What are the numbers behind Obamacare
- While the new law will increase the number of Americans with insurance coverage, it falls significantly short of universal coverage. By 2019, roughly 21 million Americans will still be uninsured.
- The legislation will cost far more than advertised, more than $2.7 trillion over 10 years of full implementation, and will add more than $823 billion to the national debt over the program’s first 10 years.
- Most American workers and businesses will see little or no change in their skyrocketing insurance costs, while millions of others, including younger and healthier workers and those who buy insurance on their own through the nongroup market will actually see their premiums go up faster as a result of this legislation.
- The new law will increase taxes by more than $569 billion between now and 2019, and the burdens it places on business will significantly reduce economic growth and employment.
- While the law contains few direct provisions for rationing care, it nonetheless sets the stage for government rationing and interference with how doctors practice medicine.
- Millions of Americans who are happy with their current health insurance will not be able to keep it.
The list goes on, but suffice it to say that we as the American people were mislead and this legislation and decision will NOT address our current economic problems with deficits and jobs. In fact this legislation negatively impacts the economy.
Under what scenario would the government arrive at a conclusion that implementing the largest tax increase in the history of the US be a good, economic stimulus? The answer is that it is not. It’s the opposite.
Regardless of your political views and your preference for president, you have to reconcile the fact that the government has just agreed to implement a new social program, for which it does not have the money to pay for. This is clearly more evidence to support that the government and the president are not interested in helping the average American, and that they are not willing to make the tough decisions as it relates to spending and budget deficits.
What Does This Mean For Self Directed IRAs
This new decision is a clear sign that the government will be incurring more debt and spending in the future. This coupled with the Fed’s recent comments about jobs not materializing and that they stand at the ready to print paints a picture or more printing, more debts and potentially hyperinflation.
We continue to support the idea that you should be positioning your self directed IRA into precious metals and possibly other hard assets such as real estate.
The information provided is for educational purposes only and are not a solicitation or offering of an investment, investment advice, or tax advice. You should consult with your tax, legal or financial advisor to determine the suitability of any investments made with a self directed IRA account.